Determine the net income to be allocated to each partner. Danger and Tol formed a partnership...

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Determine the net income to be allocated to each partner. Danger and Tol formed a partnership with capital contributions of $150,000 and $180,000, respectively. Their partnership agreement called for Danger to receive a $60,000 annual salary allowance. They also agreed to allow each partner an interest allowance equal to 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $120,000, what are Danger's and Tol's respective shares? Danger Tol Allocated Net Income Determine the net income to be allocated to each partner. Danger and Tol formed a partnership with capital contributions of $150,000 and $180,000, respectively. Their partnership agreement called for Danger to receive a $60,000 annual salary allowance. They also agreed to allow each partner an interest allowance equal to 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $120,000, what are Danger's and Tol's respective shares? Danger Tol Allocated Net Income